Our GO Markets reviews were based on the Australian regulated subsidiary holding all requisite licenses.
The forex broker is a favourite for intermediate forex trading with:
– Low fees and spreads
– Market leading customer service
– Strong bonus offers for joining
How Competitive Are GO Market’s Spreads?
GO Markets receives a price feed from banks and institutions helping the forex broker offer competitive spreads. Combined with this fee is the fact that their MetaTrader 4 platform uses a five decimal place system. In simple terms, this means that you won’t get rounded up when it comes to currency pairing spreads.
On the 13th of January 2016 the following spreads were recorded at 8:23pm Eastern Standard time was the lowest as was the case on average over the day.
The low forex spread shown above was based on their pro account which requires a minimum deposit of $3,000. There is a modest commission level of $3.50 per 100k traded which is similar to other brokers such as Pepperstone and IC Markets.
Both Pro & Standard accounts have price improvement technology. Our GO markets review found this technology was the equivalent of even lower spreads as traders receive the best possible execution price on every trade. Their system can review large numbers of traders and trade data periodically. An example would be if you made a AUD/USD trade at .8805 when you executed the order but the next millisecond the price becomes .8806, the trade will be executed at that improved price!
What Platform Does The Forex Broker Use?
GO Markets exclusively uses MetaTrader 4, the most popular platform globally and within Australia.
The platform’s popularity is due to:
– An easy to use interface with award winning technical analysis and charting packages
– Indicators to highlight to traders currency market movements
– The ability to automate trading with the use of expert advisors
A great advantage our GO Markets review found was that the forex broker offered a VPS service which means that automated trading doesn’t need to be based a forex traders home computer. This minimises issues such as computer problems or network issues to maximise reliability. The remote server can be accessed 24/7 from any mobile, table or computer device that has internet connection.
The VPS is located in the Equinix LD5-EFX1 facility. This is the same facility that houses the largest liquidity providers including banks and institutions. Having the VPS located in this facility maximises trading speed reducing latency and the risks of slippage in turbulent currency markets.
Overall, the Equinix LD4 three key advantages for Australian forex brokers are improved:
1) Security – The servers of Go Markets is on the ultra-secure EFX1 suits which is one of the safest locations possible within two global equity FX hubs.
2) Reliability – A server going down is the worst-case scenario for any trader when they have a position in the market.
3) Speed – Latency is the speed that fx traders are processed within the currency market. Reducing the latency minimise the risk of slippage that occurs when large changes occur in the market and the order put in the market and price achieved differ. Go Markets technology improves the odds that traders will be able to achieve the price they see on the live market.
What Customer Service & Reputation Does GO Markets Have?
GO Markets is recognised in the industry as an award winning service and has been given an AFR Smart Investor Blue Ribbon award for its Forex trading service. GO Markets gives all traders a personal account manager who can give assistance and training with the MetaTrader 4 Platform.
Your account manager can also give assistance on trading where required. Go Markets customer service is very good in the speedy process of account applications and funding or withdrawals.
GO Markets offers online trading in Forex and spot metals through the world-class MetaTrader 4 platform incorporating 100% straight through processing featuring NO dealing desk execution to enable you fast, automated trading.
Their competitive traders won them the Investment trends ‘value for money’ award but this was in 2011 and no further such awards have been published since.
The forex broker has offices in both Australia (Queen Street, Melbourne) and Netherlands which is opened in May 2011. Go Markets not only offers currency trading but also commodities trading both to worldwide institutional investors and individuals.
What Is The Biggest Negative Of GO Markets?
Leverage is a key issue for the broker with only 300:1 offered. Most of the leading broker offer between 400:1 to 500:1. In simple terms, 300:1 means you can trade 300 times your deposit which can maximise profits from small currency movements but also increase risk. While for many intermediate Australian forex brokers 300:1 will be suitable for their forex strategies, for many expert broker a higher level is critical.
The broker also doesn’t have bonus offers upon signing unlike other brokers features on the bonus fx comparison table.
GO Markets is suitable for intermediate Australian forex brokers. They have low spreads and commissions as well as price improvement technology as well as fast trading execution. The downside relates to the lack of bonus offers when joining and a relatively leverage level available. They have outstanding customer service so it’s worth considering this broker, especially if you want support throughout your trading process.
About This GO Markets Review
This review was completed by the compare forex broker team on 13/01/2016. The information was sourced from the brokers websites and is updated regularly to ensure that changes such as leverage, spreads and other features are correctly shown on this site. Some brokers on this site have an affiliate relationship which means that a ‘joining fee’ may be paid for those referred to the providers while others recommended have no relationship. Users are always sent to the providers site and no personal information is requested on this site to ensure that all website data can be verified prior to opening an account including product disclosure statements.